Exploration company Petrel Resources says it is staying in Iraq despite the uncertainty about the possibility of a US attack on the country.
Petrel, headed by John Teeling, has spent four years developing its presence in Baghdad and is awaiting final approval for an oil exploration licence.
Mr Teeling said that no matter what happened in the future, Iraq was the future of oil. In a worst case scenario, he said, Petrel would wait until things settled down.
The company reported a loss of €117,000 for the first half of this year, mainly due to spending on projects in Iraq and Sudan, where it is in discussions with the state oil company on a joint venture proposal to explore and exploit a block in the Red Sea.
